A swing trading whale made an impressive $2.4 million profit during the Ethereum (ETH) price recovery tonight, according to Onchain data.
He used large-scale trading to profit from ETH’s price movement in a single day.
The whale initiated the transaction in the early morning hours and used 82.34 million USDT to purchase 25,204.6 ETH at $3,322 per token. Later in the evening, as ETH prices rose, the whale sold the entire position at $3,417 per ETH, receiving 86.12 million USDT in return. This swift transaction generated a profit of $2.4 million in just a few hours.
This latest trade added to the whale’s impressive track record in 2024, bringing in a cumulative profit of $7.77 million across 23 trades. Remarkably, the trader only suffered losses on 4 of these trades and made a profit on the remaining 19 trades, achieving a success rate of over 82%.
Swing trading is a strategy that involves capturing short- to medium-term price movements in financial markets. Unlike day trading, which focuses on intraday movements, swing trading positions can be held for several days to weeks, depending on market conditions.
Traders aim to capitalize on price “swings” by entering positions at perceived lows (buying) and exiting positions at perceived highs (selling). The strategy requires a combination of technical analysis, market timing, and risk management.
*This is not investment advice.
